Hershey earnings come in a penny shy; upbeat on 2006

MarkCotton

NEW YORK (MarketWatch) -- The Hershey Company
HSY, -0.73%
said Thursday first-quarter net income was $121 million, or 50 cents a share compared with $113 million, or 45 cents a share a year ago. Sales for the period rose to $1.13 billion, virtually unchanged from the same quarter in 2005. The Thomson First Call average estimate was for earnings of 51 cents a share on sales of $1.18 billion. The maker of chocolate and candy bars said it expects its per share earnings from diluted operations in 2006 to be somewhat above its 9 to 11 percent long-term expectations as it anticipates expanding operating margins that will provide the appropriate leverage to improving its sales performance. Sales for the year are also expected to rise somewhat above its 3 to 4 percent long-term goal. On Wednesday, the stock rose 13 cents to $50.69.

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